The entire process of buying a home for the first time can be extremely overwhelming. In addition to all of the paperwork, the expenses involved rapidly add up and become daunting as well. On the plus side, there are many grants and programs available to assist first-time homebuyers with this process.

Some of the options available nationwide include FHA loans available through the Federal Housing Administration (FHA), an agency that operates within the U.S. Department of Housing and Urban Development (HUD), which insures the mortgage and lenders receive a layer of protection that will protect them from experiencing a loss if the borrower ends up defaulting on the mortgage. FHA loans typically offer competitive interest rates, a reduced down payment, and lower closing costs. Borrowers with a credit score of 580 or higher could be eligible for a mortgage with a down payment as low as 3.5 percent.

Also, USDA loans provide a homebuyer assistance program of the U.S. Department of Agriculture focuses on residences in certain rural areas. Through this program, the borrower does not need to purchase or run a farm to be eligible, the USDA guarantees the loan, there may be no down payment required, and the loan payments are fixed. USDA loan program applicants with a credit score of 620 or higher typically receive streamlined processing.

Other programs available include:

VA loans through the U.S. Department of Veterans Affairs and this program assists service members, veterans and surviving spouses in the process of purchasing a home.

Good Neighbor Next Door, which is sponsored by HUD and focuses on providing housing aid for law enforcement officers, firefighters, emergency medical technicians and teachers.

Fannie Mae or Freddie Mac have a program through which they work with local lenders to offer mortgage options that benefit low- and moderate-income families.

Energy Efficient Mortgage is a program that allows one to add improvements to their home that will make it more environmentally friendly. The federal government supports Energy Efficient Mortgage loans by insuring them through FHA or VA programs.

ATTOM Data Solutions’ First Quarter of 2017 United States Home Sales Report has conveyed that homeowners who sold during the first quarter of this year had an average price gain of $44,000 since purchase – an average 24 percent return on the purchase price, and the highest average price gain for home sellers in terms of both dollars and percent returns since the third quarter of 2007.

The report also indicates that homeowners who sold in the first quarter had owned an average of 7.97 years, representing a slight decrease from a record-high average homeownership duration of 8.00 years in the fourth quarter of 2016 but still higher than the 7.68 years in the first quarter of 2016.

Before the great recession, homeownership averaged a total of 4.26 years across the United States.

“The first quarter of 2017 was the most profitable time to be a home seller in nearly a decade, and yet homeowners are continuing to stay put in their homes longer before selling,” says Daren Blomquist, senior vice president with ATTOM Data Solutions. “This counterintuitive combination is in part the result of the low inventory of move-up homes available for current homeowners, while also perpetuating the scarcity of starter homes available for first-time homebuyers.”

“There are some early signs this inventory logjam may be loosening up in some markets, with the average homeownership tenure down from a year ago in nine of the 66 markets we analyzed, including Memphis, Dallas, Boston, Portland and Tampa,” Blomquist says. “Sky-high potential price gains may be finally prompting more homeowners to sell.”

The earnings potential is encouraging for those who have been holding off on selling their home. This increase in prices may very well represent the motivation needed by homeowners to take the steps to put their homes on the market.

The National Association of Realtors® (NAR) and Ellie Mae, a software company that processes almost a quarter of the United States’ mortgage applications, report the average time it takes for a home to go from first day on the market to the closing table is 73 days.

Forty-eight percent of homes sold in March 2017 were on the market for less than a month, according to NAR. The average for all sold properties was 34 days. That amount of time represents a significant drop from an average of 47 days a year ago. Non-distressed homes spent a median of 32 days on the market, which represents the shortest amount of time since NAR began tracking the data in May 2011.

With solid buyer demand supporting the shorter lengths of time on the market, home sale prices have continued to increase. The median existing-home sale price for all housing types was $236,400 in March, up 6.8 percent from March 2016.

“Last month’s swift price gains and the remarkably short time a home was on the market are directly the result of the homebuilding industry’s struggle to meet the dire need for more new homes,” says NAR Chief Economist Lawrence Yun. “A growing pool of all types of buyers is competing for the lackluster amount of existing homes on the market. Until we see significant and sustained multi-month increases in housing starts, prices will continue to far outpace incomes and put pressure on those trying to buy.”

The average time to close on all home loan types decreased to 43 days in March 2017, representing the swiftest pace since February 2015, according to Ellie Mae’s Origination Insight Report. A year ago, the average closing time was 46 days. Loans to purchase a home took 43 days to close in March, down from 45 month-to-month. Refinance loans took 43 days to close in March 2017, down from 47 days month-to-month.

President and CEO Jonathan Corr attributed the decrease in closing times to Ellie Mae lenders who are automating more mortgage processes “to improve efficiency, quality, and compliance.”

There have been a lot of conversations revolving around millennials and their significant impact on the residential real estate market. Generation X, which is comprised of those in the 37 to 51-age bracket, is making a substantial impact as well. Generation Xers currently make up the second largest share of homebuyers; 28 percent of all homebuyers for 2016.

Generation Xers typically have the largest families and make up the largest portion of buyers that are married couples (68 percent), according to the National Association of REALTORS® (NAR). Chief reasons for home purchases by those in the Gen X group are the wish to live in a larger home, an employment-related relocation, and modifications within the family situation.

Generation X also makes up the second largest percentage of first-time homebuyers (26 percent), the largest segment to buy detached single-family homes (87 percent), and they have the highest median household income of all age groups at $106,600.

In line with the fact that they have the highest median household income of all age groups, Gen Xers are purchasing the largest, most high-priced homes on the housing market, in comparison to all other generations. The median price of homes purchased by Gen X buyers is $261,000, according to NAR.

NAR indicates that a portion of Gen X buyers find previously owned homes attractive, while others prefer new homes that they are able to customize to their likings. Gen X buyers are also the most likely of any age group to consider good school zones in their purchase of a home.

Gen X also represents the biggest portion of sellers (29 percent), according to NAR. The median price at which they are selling their homes is $240,000. One out of five Generation X sellers indicates that they would have preferred to sell at an earlier date, but they owed more on their homes than what the value was.

Hispanics have a strong influence in homeownership, exceeding national statistics as they purchase homes at an increased rate for the second consecutive year.

According to the National Association of Hispanic Real Estate Professionals’ (NAHREP) recently released 2016 State of Hispanic Homeownership Report, the Hispanic homeownership rate increased to 46 percent last year, in spite of a decreasing overall rate of homeownership across the nation. The Hispanic homeownership rate was 45.6 percent for 2015 and 45.4 percent in 2014. Over 7.3 million Hispanic households owned their homes in 2016, with 330,000 new households added – 38 percent of all households formed.

The drivers that are compelling Hispanics to purchase a home are the pursuit of the American Dream and the fact that the majority of Hispanics view homeownership as a viable investment vehicle for building wealth, as well as the ideal for raising children. “The significance of a strong desire for homeownership cannot be overstated,” the report states. “Where there is a will, there is generally a way.”

More members of the real estate industry are also working to meet the unique needs of Hispanic homebuyers, particularly in terms of obtaining financing. “While the Hispanic market has outgrown the ‘niche’ segment designation, the housing industry is just beginning to fully recognize its significance to the vitality of the overall market and is responding with products and services that are more relevant to the needs of Hispanic consumers,” states the report, citing recent initiatives spear-headed by Bank of America, Fannie Mae and Freddie Mac, and Wells Fargo.

Some hurdles to Hispanic homeownership, such as financing and a lack of knowledge regarding Hispanic cultural norms amongst members of the housing industry, still exist. “Hispanics tend to reside in a multigenerational household of a typical nuclear family and include additional family members like grandparents or other adult relatives, all of whom contribute to household expenses,” the report states. “These influencing factors are interconnected with their culture and affect how they bank…Access to culturally competent real estate and mortgage professionals who speak Spanish and can recommend appropriate solutions to meet their needs creates a level playing field.”

For real estate professionals, Hispanics signify a sustainable and massive opportunity. Ninety percent of Hispanics favor owning a home over renting one in the future, and 62 percent are more likely to purchase a home than rent one upon their next move. In 2016, Hispanics had a purchasing power of $1.4 trillion – a number that will continue to grow as incomes and Hispanic-owned businesses increase and expand.